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• Interest only mortgage (£):
• Repayment mortgage:(1) (£):

• Mortgage rates can go up as well as down.

• At 7% an interest only mortgage will cost (£):
• At 7% a repayment mortgage(1) will cost (£):

Notes:

1. The above figures assume a gross profile mortgage style which recalculates mortgage payments once a year. As such they may slightly overstate the monthly payments for more flexible mortgages, offering monthly or even daily recalculation of payments.

2. A repayment mortgage is one where mortgage payments cover both interest costs and repayment of the original loan, so that the mortgage amount decreases over time. An interest only mortgage is one where mortgage payments only cover interest costs. With interest only loans, the mortgage amount does not automatically decrease over time. Frequently, borrowers will set up an ISA, endowment or some other investment product (at additional cost), designed to repay the loan at the end of its term.

3. The final responsibility to repay the capital lies with the borrower.

4. Use of this Mortgage Calculator does not constitute an offer of a loan.

5. Your home is at risk if you do not maintain payment on a mortgage or other loan secured on it.